South Korea’s revamped cryptocurrency policies

South Korea’s revamped cryptocurrency policies
Jul 10, 2018 09:46 AM By: Ben Noble | 5590 Views

Statements show that South Korea is now experiencing a cryptocurrency policy transformation. The people in charge are in the method of tearing down the stone wall built about the regulations compared to cryptocurrencies. The plan is to follow these laws with that of the G20 so that transactions become further honest and hassle-free.

The South Korean government has set up a committee to look into cryptocurrency exchanges and their dealings. This happens after there were statements of multiple hacks and frauds in the cryptocurrency industry. The Bank of Korea has even issued a report on using cryptocurrency as a center of payment.

What do we know regarding the new cryptocurrency group system?

The classification system for materials related to cryptocurrency and blockchain associated enterprises was expressed by Statistics Korea, a member of the Ministry of Strategy and Finance.

Statistics Korea has been growing comments by beta testers of the ‘news classification system,’ and they will be judged by the ‘National Statistical Commission Policy subcommittee.’ The completion of the study will be published on 25th July. The publication claims:

 “Cryptocurrency exchanges such as Bithumb and Upbit are supposed to be properly classified as crypto asset agents after the government’s current title of ‘virtual currency handler’ is assassinated…The blockchain industry will be managed as a formal industry, starting with the government’s industrial classification, and transferring surveys and statistics.”

A South Korean publication has stated that:

Blockchain platforms such as EOS and Ethereum also have unique industry classification criteria.”

The fundamental differences in the cryptocurrency industry have forced the South Korean government to team up with the Korea Communications department. This main purpose of this body is to look into important cryptocurrency exchanges and their practices. The news regarding the investigations says that:

“The on-site inspection essentially focuses on the technical and administrative protection measures for personal information, such as access switch to the personal information processing system, inhibition of tampering with access logs, encryption of private information, and prevention of malicious programs.”

The statement by the bank examines the far-reaching importance of the economic and legal nature of crypto assets, as well as determining the issues related to the central bank and its functions.

The report also states:

 “If the technical problems of virtual currency are determined, and the acceptability of virtual currency in the global society is increased, it cannot be ruled out that it can be generally used as an investment asset and payment means.”

#South Korea #Cryptocurrency #Crypto news #Bitcoin News


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